Fifth Third Bancorp (FITB) Position Trimmed by LSV Asset Management
LSV Asset Management decreased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 2.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,675,382 shares of the financial services provider’s stock after selling 235,900 shares during the quarter. LSV Asset Management owned about 1.31% of Fifth Third Bancorp worth $251,172,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Toronto Dominion Bank boosted its stake in Fifth Third Bancorp by 56.0% during the 1st quarter. Toronto Dominion Bank now owns 203,388 shares of the financial services provider’s stock worth $5,166,000 after acquiring an additional 72,991 shares during the last quarter. Clinton Group Inc. bought a new position in Fifth Third Bancorp during the 1st quarter worth approximately $1,543,000. Canada Pension Plan Investment Board boosted its stake in Fifth Third Bancorp by 66.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 118,613 shares of the financial services provider’s stock worth $3,013,000 after acquiring an additional 47,254 shares during the last quarter. Gotham Asset Management LLC acquired a new stake in Fifth Third Bancorp during the 1st quarter worth approximately $303,000. Finally, First Trust Advisors LP raised its holdings in Fifth Third Bancorp by 128.6% during the 1st quarter. First Trust Advisors LP now owns 2,344,179 shares of the financial services provider’s stock worth $59,542,000 after buying an additional 1,318,692 shares during the period. 79.60% of the stock is currently owned by institutional investors and hedge funds.
FITB has been the topic of several research analyst reports. Jefferies Group LLC restated a “hold” rating and set a $28.00 target price on shares of Fifth Third Bancorp in a report on Friday, July 14th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Fifth Third Bancorp in a report on Saturday, July 22nd. BidaskClub upgraded shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. BMO Capital Markets restated a “hold” rating and set a $27.00 target price on shares of Fifth Third Bancorp in a report on Friday, May 26th. Finally, Royal Bank Of Canada restated a “buy” rating and set a $28.00 target price on shares of Fifth Third Bancorp in a report on Thursday, May 18th. Three research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $26.54.
Fifth Third Bancorp (FITB) traded up 0.872% on Wednesday, hitting $26.015. The stock had a trading volume of 346,589 shares. The stock has a market capitalization of $19.17 billion, a price-to-earnings ratio of 13.186 and a beta of 1.36. Fifth Third Bancorp has a 1-year low of $19.57 and a 1-year high of $28.97. The company has a 50-day moving average price of $26.50 and a 200-day moving average price of $25.69.
Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, July 21st. The financial services provider reported $0.45 EPS for the quarter, beating the consensus estimate of $0.42 by $0.03. Fifth Third Bancorp had a net margin of 21.83% and a return on equity of 10.44%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period in the prior year, the business earned $0.40 earnings per share. The business’s quarterly revenue was up .1% on a year-over-year basis. Equities analysts predict that Fifth Third Bancorp will post $1.82 earnings per share for the current year.
Fifth Third Bancorp announced that its board has initiated a share buyback plan on Wednesday, June 28th that permits the company to buyback $1.16 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 67% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
In related news, EVP Frank R. Forrest sold 7,004 shares of the stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $26.21, for a total transaction of $183,574.84. Following the completion of the sale, the executive vice president now directly owns 71,793 shares of the company’s stock, valued at $1,881,694.53. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.38% of the stock is owned by corporate insiders.
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Fifth Third Bancorp Company Profile
Fifth Third Bancorp is a bank holding company and a financial holding company. The Company conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States.
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